Zip shares drop on co-founder Larry Diamond's exit
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More news: Zip shares were down 3.5% to $3.31 in early trading after it announced its co-founder Larry Diamond was stepping down from the board. The wider ASX 200 was up 0.78%.
Diamond is turning his attention to establish a family office and foundation to further his philanthropic endeavours.
Zip co-founder Larry Diamond steps down from board
The news: Buy now, pay later lender Zip has announced that co-founder Larry Diamond has stepped down as a director and as the US chair of the company.
The context: Zip said Diamond plans to establish a family office and foundation to “further his philanthropic endeavours”.
Diamond will also remain available to the company as an adviser on strategic initiatives.
What they said: “Now is the right time for me to step back from my day-to-day role at Zip. I’m very proud of what Zip has achieved and have total confidence in the team that will be leading the company to continued great success. I remain a committed shareholder and supporter of Zip and the team,” Diamond said.
Zip chair Diane Smith-Gander said: “We acknowledge that there is a changing of the guard across the tech sector as companies have matured and their founders are now in a position to realise their next stage of contribution to their domestic and international communities, in Larry’s case through his new family office and foundation”.
The source: ASX announcement
